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KCL Infra Projects Ltd.

BSE: 531784 Sector: Infrastructure
NSE: N.A. ISIN Code: INE469F01026
BSE 00:00 | 05 Dec KCL Infra Projects Ltd
NSE 05:30 | 01 Jan KCL Infra Projects Ltd
OPEN 0.90
PREVIOUS CLOSE 0.90
VOLUME 200
52-Week high 2.00
52-Week low 0.69
P/E 5.00
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.90
CLOSE 0.90
VOLUME 200
52-Week high 2.00
52-Week low 0.69
P/E 5.00
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

KCL Infra Projects Ltd. (KCLINFRA) - Auditors Report

Company auditors report

To

The Members of KCL Infra Projects Limited

(CIN No. L45201MH1995PLC167630)

Report on the Financial Statements

We have audited the accompanying Ind AS financial statement of KCL Infra ProjectsLimited("the company") Registered Address B-3/204 Saket Complex Thane (west)Mumbai 400601which comprise the Balance Sheet as at 31 March 2018 the Statement of Profitand Loss (including Other Comprehensive Income) the Cash Flow Statement and Statement ofchanges in Equity for the year ended and a summary of significant accounting policies andother explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 (the Act) with respect to the preparation of these IndAS financial statements that give a true and fair view of the financial position financial performance including other comprehensive income cash flows and changes inequity of the Company in accordance with the Indian Accounting Standards (Ind AS)prescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia. This Responsibility also includes maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of the assets of the company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit.

We have taken into account the provision of the Act the accounting and auditingstandard and matters which are required to be included in

the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the Ind AS financial statements. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with accountingprinciples generally accepted in India of the state of affairs of the company as at 31stMarch 2018 and its profit total comprehensive income the changes in equity and itscash flows for the year ended on that date.

Emphasis of Matter

The comparative financial information of the Company for the year ended 31st March 2017and transition date opening balance sheet as at 1st April 2016 included in these Ind ASfinancial statements are based on the statutory financial statements prepared inaccordance with the Companies (Accounting Standards) Rules 2006 audited by thepredecessor auditor whose report for the year ended 31st March 2017 and 31st March 2016dated 30.05.2017 and 30.05.2016 respectively expressed an unmodified opinion on thosefinancial statements and have been restated to comply with Ind AS. Adjustments made to thepreviously issued said financial information prepared in accordance with the Companies(Accounting Standards) Rules 2006 to comply with Ind AS have been audited by us.

Our opinion on the financial statements above and our report on Other Legal andRegulatory Requirements below is not modified in respect of these matter.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Act we give in the "Annexure A" statement on the matters specified in theparagraph 3 and 4 of the Order to the extent applicable.

2. As required by section 143 (3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

c) The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Cash Flow Statement and the Statement of Changes in equity dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaidInd AS financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 from being appointed as a director in terms of Section164 (2) of the Act;

f) With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and

g) With respect to the other matters to be included in the Independent Auditors' Reportin accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:

i. There was no pending litigation as at 31 March 2018 which would impact the financialposition of the company. ii. The Company has made provision in its financial statementsas required under the applicable law or Indian accounting standards for materialforeseeable losses on long term contracts including derivative contracts; iii. There areno amounts which are required to be transferred to the Investor Education and ProtectionFund by the company during the year ended 31stMarch 2018.

ForS.Ramanand Aiyar & Co.
Chartered Accountants
FRN : 000990 N
Place: Mumbai Amit Singhvi
Date : 30 May 2018 Partner
Membership No. 129331

ANNEXURE A TO THE INDEPENDENT

AUDITORS' REPORT

The annexure referred to the Independent Auditors' Report to the members of the companyon the financial statements for the year ended 31 March 2018 we report that:

i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets. (b) The Company has a regularprogramme of physical verification of its fixed assets by which fixed assets are verifiedin a phased manner. In accordance with this programme certain fixed assets were verifiedduring the year and no material discrepancies were noticed on such verification. In ouropinion this periodicity of physical verification is reasonable having regard to the sizeof the Company and the nature of its assets.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of the company.

ii. As explained to us the physical verification of inventory has been conducted atreasonable intervals by the management and no material discrepancies were noticed and thesame have been properly dealt with in the books of account.

iii. In our opinion and according to the information and explanations given to us theCompany has not granted loans secured or unsecured to companies firms or other partiescovered in the register maintained under section 189 of the Companies Act 2013 ('theAct'). Hence clauses iii(a) iii(b) and iii(c) of paragraph 3 of the Order are notapplicable.

iv. In our opinion and according to the information and explanation given to us thecompany has complied with the provision of Section 185 and 186 of the companies act 2013are applicable.

v. The company has not accepted any deposit from public.

vi. The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales tax service tax duty of customs value added tax Goods and Service tax cess andother material statutory dues have been regularly deposited during the year by the Companywith the appropriate authorities. As explained to us the Company did not have any dues onaccount of employees' state insurance and duty of excise.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax service tax duty of customsvalue added tax Goods and Service tax cess and other material statutory dues were inarrears as at 31 March 2018 for a period of more than six months from the date theybecame payable.

(c) The disputed statutory dues aggregating Rs. 1.67 Lacs that have not been depositedon account of disputed matters pending before appropriate authorities are as under:

S.No. Name of the Statute Nature of the Dues Amount Pending Period to which the amount relates Forum Where dispute is pending
1 MP VAT Act 2002 VAT (Tax + Penalty) 165524/- Assessment Year 2015-16 Appellate Tribunal
2 Entry Tax Act 1976 Entry Tax (Penalty) 5000/- Assessment Year 2015-16 Appellate Tribunal

viii. The company has not defaulted in repayment of loans or borrowing to a financialinstitution bank Government or dues to debenture holders.

ix. The company did not raise any money by way of initial public offer or furtherpublic offer (including debt instrument) and term loan during the year. Accordinglyparagraph 3 (ix) of the order is not applicable.

x. According to the information and explanations given to us no fraud by the Companyor on the company by its officers or employees has been noticed or reported during thecourse of our audit.

xi. According to the information and explanation given to us and based on ourexamination of the records of the Company the company has paid/ provided for managerialremuneration in accordance with the requisite approvals by the provisions of section 197read with Schedule V to the Act.

xii. In our Opinion and according to the information and explanation given to us theCompany is not a nidhi company.

xiii. According to our information and explanation given to us and based on ourexamination of the records of the company transaction with the related parties are incompliance with section 177 and 188 of the Act where applicable and details of suchtransaction have been disclosed in the financial statement as required by the applicableaccounting standards.

xiv. According to information and explanation given to us and based on our examinationof the records of the company the company has not made any preference allotment orprivate allotment of shares or fully or partlyconvertible debentures during the year.

xv. According to information and explanation given to us and based on our examinationof the records the company has not entered into non-cash transaction with the directorsor persons connected with him. Accordingly paragraph 3 (xv) of the order is notapplicable.

xvi. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

ForS.Ramanand Aiyar & Co.
Chartered Accountants
FRN: 000990 N
Place: Mumbai Amit Singhvi
Date: 30 May 2018 Partner
Membership No. 129331

Annexure B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013

We have audited the internal financial controls over financial reporting of KCLInfra ProjectsLimited as at 31 March 2018 in conjunction with our audit of thefinancial statements of the company for the year ended on that day.

Management's Responsibility for Internal Financial Controls

The Company is responsible for establishing and maintaining internal financial controlsbased on the internal control over financial reporting criteria established by the companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India. These responsibilities include the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence toCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required by the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal controlbased on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud orerror. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31 March 2018 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

ForS.Ramanand Aiyar & Co.
Chartered Accountants
FRN: 000990 N
Place: Mumbai Amit Singhvi
Date: 30 May 2018 Partner
Membership No. 129331